ICG ups fundraising target as profit surges

Intermediate Capital Group increased its fundraising target after exceptional performance by its investment arm caused annual profit to more than quadruple.

Pretax profit for the year to the end of March rose to £507.7m from £110.8m a year earlier as the investment company swung to a record £305.4m profit from a £72.3m loss. The fund management company also reported record profit, up 10% to £202.3m.

The FTSE 100 capital provider announced a final dividend of 39p a share, taking the annual payout to 56p a share - up 10% from the year before.

ICG said the investment company's profit was driven by exceptionally high returns of £445.1m - a level that is not expected to be repeated.

ICG raised $10.6bn (£7.5bn) in the year, taking third-party assets under management to $56.2bn. The company predicted it would raise $40bn in the four years to the end of 2025.

Chief Executive Benoît Durteste said: "This year ICG has not only proven its operational and financial resilience, it has continued a trend of significant profitable growth. Our confidence in our ability to execute on the opportunities available to us is underlined by our upgraded fundraising guidance."